We develop a measure of (hybrid) defined benefit (DB) pension risk and show how this pension risk affects individual portfolio decisions. We find that people in riskier DB plans are, on average, not only less likely to hold equity but also hold a smaller share of their wealth in equity. This relation is stronger for people who are better informed about their pension plan risk, and for retirees. We also check whether pension risk is related to retirement decisions but find no evidence to support this hypothesis. Our main results are robust to a number of model specifications and alternative explanations. Our findings suggest that properly funded DB pension plans can increase participants ’ welfare by allowing them to seek higher returns in t...
We empirically study individual pension choice between two different defined benefit (DB) plans and ...
This paper compares two different types of private retirement plans from the perspective of a repres...
Abstract: We examine individual choices between a defined contribution (DC) and a defined benefit (...
We develop a measure of (hybrid) defined benefit (DB) pension risk and show how this pension risk af...
The past decade has seen a shift from traditional employer-sponsored defined benefit pensions toward...
Over the past decades, there have been significant changes in the structure of private pension provi...
We show that people exposed to greater pension risk are less likely to invest in risky assets. We ex...
This paper investigates the volatility of defined benefit of pension plans over the period 1999-2006...
This research focuses on defined benefit (DB) pension plan investment, governance, and funding, as w...
We solve an empirically parameterized life-cycle model of consumption and pension choices to show ho...
The corporate world is reconsidering the cost-effectiveness of defined benefit pension plans while c...
I show that risk-sharing pension plans can reduce some of the shortcomings of defined benefit and de...
This paper investigates the determinants of public pension plan risk-taking behavior using the perce...
Using a representative sample of Italian investors, we estimate the risk associated with pension ben...
This chapter documents the investment choices of workers outside their company pensions, focusing on...
We empirically study individual pension choice between two different defined benefit (DB) plans and ...
This paper compares two different types of private retirement plans from the perspective of a repres...
Abstract: We examine individual choices between a defined contribution (DC) and a defined benefit (...
We develop a measure of (hybrid) defined benefit (DB) pension risk and show how this pension risk af...
The past decade has seen a shift from traditional employer-sponsored defined benefit pensions toward...
Over the past decades, there have been significant changes in the structure of private pension provi...
We show that people exposed to greater pension risk are less likely to invest in risky assets. We ex...
This paper investigates the volatility of defined benefit of pension plans over the period 1999-2006...
This research focuses on defined benefit (DB) pension plan investment, governance, and funding, as w...
We solve an empirically parameterized life-cycle model of consumption and pension choices to show ho...
The corporate world is reconsidering the cost-effectiveness of defined benefit pension plans while c...
I show that risk-sharing pension plans can reduce some of the shortcomings of defined benefit and de...
This paper investigates the determinants of public pension plan risk-taking behavior using the perce...
Using a representative sample of Italian investors, we estimate the risk associated with pension ben...
This chapter documents the investment choices of workers outside their company pensions, focusing on...
We empirically study individual pension choice between two different defined benefit (DB) plans and ...
This paper compares two different types of private retirement plans from the perspective of a repres...
Abstract: We examine individual choices between a defined contribution (DC) and a defined benefit (...